ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Approximately what interest rate would be needed in order to grow Christian’s investment of $1400 to $2500 in 10 years if the interest was compound monthly?
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5.96%
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5.84%
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5.81%
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5.88%
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Explanation:
Detailed explanation-1: -The interest rate should be 5.81%. Given that, The present value should be $1, 400. And, the future value be $2, 500.
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